De Blasio wants to help you buy a condo or fix up your crumbling house

Officials hope pair of programs reach 2,100 households over eight years

TRD New York /
Dec.December 11, 2017 03:55 PM

Mayor Bill de Blasio (Credit: Getty Images)

A pair of new programs from Mayor Bill de Blasio’s administration aims to make it easier for New Yorkers to buy homes or keep the homes they have in good condition.

One of the initiatives, dubbed “Open Door,” is a financing program that incentivizes the construction of condos and co-ops geared specifically toward first-time, middle-class homebuyers. The program aims to create about 200 affordable units per year.

The second initiative, dubbed “HomeFix,” focuses on helping low- and middle-income homeowners hold onto their properties by providing them with low-interest loans to pay for repairs. The loans will be available for one- to four-family properties, and the program will serve roughly 100 households each year.

City officials did not immediately respond to a question about how much money would be set aside for each initiative.

The city expects the programs to reach at least 2,100 families over the next eight years. They are part of de Blasio’s Housing New York 2.0 plan, which aims to finance 300,000 units of affordable housing by 2026. The city’s initial goal was to finance 200,000 units by 2024, but de Blasio upped the ante to 300,000 units by 2026.

Purchasing and owning a home has long been a difficult process in New York City, and it could become even more onerous if the Republican tax bill is signed into law.

Related Articles


All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

Inwood has stayed affordable for a remarkably long time. That could soon change. (Credit: Wikipedia)

Inwood braces for gentrification

The purge continues: WeWork’s head of real estate is leaving

Judith and Rudy Giuliani Rudolph and Judith Giuliani are divorcing after 16 years. (Credit: Getty Images, Trulia, Highrises)

Luxury properties at play in Rudy Giuliani’s ugly divorce

When Bill de Blasio announced the end of his campaign, the industry reacted largely with relief but not surprise (Credit: Getty Images and Pixabay)

De Blasio’s campaign is dead, and real estate is happy

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami